Market Overview:
According to the report, the chicory market was valued at $725.3 million in 2023, and is estimated to reach $985.5 million by 2034, growing at a CAGR of 2.9% from 2024 to 2034.
The report provides a detailed analysis of these key players in the global chicory market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Players:
Cargill Inc.
Sudzucker AG
Sensus NV
Cosucra Groupe Warcoing SA
The Ingredient House
The Tierra Group
Nova Green Inc.
Adept Impex Private Limited
Ciranda Inc.
The Green Labs LLC.
The growth of the chicory market is propelled by several factors. Increase in consumer awareness of chicory’s health benefits, such as its digestive support and prebiotic properties, drives demand for chicory-based products. The rise in popularity of natural and caffeine-free alternatives to coffee fuels the demand for chicory root as a coffee substitute. In addition, the expansion of the organic food market and the trend toward functional foods contribute to market growth, as chicory is valued for its nutritional properties. Furthermore, ongoing innovations in product development and the diversification of chicory-based offerings cater to evolving consumer preferences, boosting further expansion in the chicory market.
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Recent Industry Development
In March 2022, Sensus announced its plans to expand the production of chicory root fiber (inulin) to meet the growing demand for natural prebiotics in plant-based foods and supplements.
In May 2021, Belgian group Cosucra Groupe Warcoing S.A. introduced its chicory root ingredients to the market under the brand names Fibruline, Swelite, Nastar, and Pisane, to strengthen the chicory product portfolio offered by the company.
In July 2020, BENEO GmbH invested more than $59.0 million to expand its chicory root fiber production facility in Chile by 2022 to cope up with rise in interest among global food and beverage manufacturers in chicory root fibers. BENEO’s inulin and oligofructose ingredients have witnessed a surge in market demand, prompting this strategic move to cater to growing industry needs.
Market Segments:
- Extract
- Roasted
- Instant Powder
- Flour
- Powder
- Cube
- Liquid
- Food and Beverage Industry
- Dietary Supplement
- Feed and Pet Food
- Cosmetics and Personal Care
- Others
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